Just starting out, what's the move?

[Joel Case]

Background:

Currently FHA financed on a SFH where I live. Bought for $125k, remaining balance $60k, appraisal should be $175k. Currently pre-approved through the VA for $400k but lender said $500k is an easy reach. I would like to get a 2-4 unit multi-family, but the ones that are more common in my area are low quality. Thinking of buying a SFH that we will live in permanently and renting my current home which should cashflow $500 a month easily. My goal is to have properties that are paid off cash flowing $6000+ monthly as retirement income to replace our W2s. We live in a coastal town on the Mississippi coast which could do well with a STR if I can find the right property. I actually found a great STR property for a friend last year and he is killing it with STR. Would love to hear input, thanks in advance.